What Retail Technology Matters the Most?

Retail technology admittedly covers a broad spectrum of products and solutions. News of the recent NRF Big Show drives home that fact. With robotic sales assistants and augmented reality on the horizon, who could resist talking about it?

The Fanciful and Practical of Retail Technology

But as tempting as it is to daydream about the future store, technology obviously can’t be an end unto itself. Different kinds of retail technology make store operations more efficient and cost-effective. But some technology is more practical for most businesses than others.

The Future Store

How will retail technology change the way stores operate? Even this topic covers too much territory. At the NRF show, for example, robots equipped with scanners, cameras and touch-screens seem poised to replace retail assistants in helping customers make a purchase. Meanwhile, new kinds of digital displays will allow for easier-to-read information and on-the-fly price-changes. Finally, artificial vision systems will monitor shelves to instantly alert of impending stockouts.

The Promise of Big Data

Has artificial intelligence become a practical retail technology? According to one observer, 2018 will see a breakthrough for AI among retailers, particularly online. With AI already providing the “ghost in the machine” for Amazon, Google and Facebook digital assistants, retailers will use it more to power other retail/ecommerce points of contact. Also, retailers and brands are starting to use AI on the back-end for inventory forecasting and capacity planning. Finally, facial recognition technology will combine imaging, machine learning and big data to create a more personalized in-store experience.

Delivering on the Omnichannel

The most critical technology right now, however, will be that which delivers on the omnichannel. Businesses that invest in omnichannel benefit from a high ROI, thus many plan to make it a top priority this year. The omnichannel allows retailers to fulfill orders in any way a customer desires. This includes placing online order for in-store pickup, and conventional fulfillment at the POS and home-delivery. In other words, businesses will need the retail technology that enables them to manage their channels for seamless customer experience.